Hi, Just wondering is anyone buying house and land packages in Box Hill at the moment. I am possibly considering this and about to start some research. I know we are at the peak, but I am thinking long term hold 15+. Any ideas / feedback would be appreciated. Thank You.
What are you buying for ? Owner occupied or investment. If you are looking at it from an investment view point you need to realise the prices are 'beefed up' to cater to the builders, developers, sales person margins etc and bank valuations rarely equal purchase price. Yield on investment would not be high and from what I understand of that market not a huge demand for investment properties in the area either. Capital growth would lag for some time due to the buyers premium of buying new. I could go on but that's a start of my thoughts at least.
If you are set on the area, look for a corner block or dual street access that would suit a fonzie flat ( granny flat above a separate garage ). Allows you to extract a better yield if holding in a peaking market. Area will continue to do well. The state govt is intending to build a hospital in the Rouse Hill area, although funding not fully committed and site not specifically identified.
Hi Matthew Looking at investment. Area looks like it has a lot coming. Prices seem ok in comparison to say new homes coming in kellyville north. I am not set on area as I am still researching but I am set on Sydney as I have enough interstate exposure. House prices are not far off asking unit prices in kellyville ridge. Thanks for your input.
You could chalk that up to asking unit prices in kellyville ridge being high, rather than house prices in box hill being low. Personally, I'd consider other investment opportunities, rather than a new home, you're paying for the developers/builders/marketers/REA's margins, rather than extracting value yourself. Its very difficult to extract value from a new build property at the (speculated) local maximum of a pricing boom, even over a 15 year period.
